MIDLAND - Over the past 47 months, the Midland-Odessa economies have grown 55 percent, according to economist Karr Ingham. January 2014, the 47th consecutive month of increase in the Midland-Odessa Regional Economic Index, was 5.5 percent above January 2013.

January 2014 retail spending was up 5.2 percent from January 2013, which was more than 16 percent higher than January 2012. Automotive spending was up 22.4 percent in January 2014 compared to January 2013 and was the biggest year-over-year gain in 14 months.

Building permit valuations issued by Midland and Odessa in January 2014 totaled $77.2 million, up 29.3 percent compared to January 2013. Additionally, January 2013 was more than 80 percent above January 2012.

The 109 new home construction permits issued in January 2014 is the highest on record for the month of January, and outpaced January 2013 by 5.8 percent.

There were 201 existing homes sold in January 2014, up 20.4 percent from 167 sold in January 2013. The average sales price continues to rise, with the January 2014 average of $229,253 up 5.3 percent from the January 2013 average of $217,706.

“The numbers will begin to reflect a cooling in construction activity, housing prices, and so on, first in terms of a slowdown in the rate of growth, and then perhaps by an actual decline at some point,” said Ingham.

When the economy comes into balance, it should continue expanding at normal rates and will be “a much bigger economy than it was ten, even five years ago,” said Ingham.

The area economy is transitioning from an economy established to accommodate $20 to $30 crude oil to one capable of accommodating $90 to $100 crude from unconventional resources. The current economic expansion has been technology-driven.

Midland and Odessa residents will see a growth rate of between 4 and 5 percent for the remainder of the year, according to Ingham.